Oasis Ethereum is a Paratime on Oasis Network that is fully compatible with all existing Ethereum smart contracts and DApps, including DeFi and DEX apps. On October 28th, Michael Yu, Vivian Hu, Hung-Ying Dai, and Miley Fu joined us in Staking Hub to answer all of our questions.
- Oasis Ethereum Paratime is secured by Oasis Network validators
- Ultimate near-term goal is to bring privacy to Ethereum projects
- Projected to be at least 50x faster than Ethereum
- Atomic swaps and bridge contracts will be used to port existing assets
- OETH is the gas token and will also be used to reward node operators
- Rewards are distributed evenly across all node operators
Oasis Ethereum is a parartime on Oasis Network that is being developed by Second State. Michael Yuan states that you can think of it as a parachain on Polkadot or a shard chain on ETH 2.0.
Being fully compatible with Ethereum, moving Ethereum apps and smart contracts over to Oasis Ethereum is as easy as changing the chain ID and pointing the RPC server to the paratime gateway node. One of the main values of moving Ethereum applications and smart contracts to Oasis Ethereum will be the ability to create “confidential smart contracts”.
“The second VM is our Ewasm-based “confidential smart contract” runtime. It is only compatible with Ethereum on the Solidity source code level — meaning that Solidity smart contracts must be re-compiled in order to run on this VM. That gives developers an opportunity to change the Solidity source code to mark certain data fields in the contracts as “confidential”. When those transactions are recorded on the Oasis blockchain, people will NOT be able to see inside the contract. Only Oasis nodes with verified TEE can decrypt data in those contracts.”Michael Yuan, Second State CEO
Notable Ethereum projects like Uniswap and Balancer are already planning on supporting the Oasis Ethereum paratime.
The benefit of privacy would be the main reason Ethereum developers would choose to move their applications and smart contracts over to Oasis Ethereum. That said, Michael Yuan stated that Oasis Ethereum will be at least 50x faster than Ethereum. Oasis Ethereum gas costs will also be considerably lower than current Ethereum gas prices.
The obvious disbenefit of moving to Oasis Ethereum would be losing access to the grander Ethereum ecosystem, but Second State is currently developing bridge contracts that will allow users to lock their assets on either Oasis Ethereum or Ethereum and receive liquid tokens on the other chain.
Oasis Ethereum Token
OETH is the native token on Oasis Ethereum. Initially, it will be used strictly as a gas token and as a way to reward node operators on Oasis Ethereum. It will be used as a way to vote in the future as the Oasis Ethereum ecosystem evolves.
There is a fixed supply of 21,000,000 OETH tokens and the majority of OETH will be distributed to node operators with a small amount going to projects planning to build on Oasis Ethereum.
Oasis Ethereum Nodes
All Oasis Ethereum nodes must run an Oasis Network validator and have at least 100 ROSE staked.
The Oasis Ethereum paratime is currently permissioned. Your paratime node ID must be whitelisted before you can start earning OETH as an Oasis Ethereum node operator.
OETH rewards will be distributed evenly across node operators regardless of ROSE staked.
Oasis Ethereum node operators can choose to distribute OETH to ROSE token holders who are currently staking to their Oasis Network validator.
Feel free to join Oasis Ethereum’s Discord or Telegram group if you would like to stay up to date on the project.
Special thanks to Michael, Vivian, Hung-Ying, and Miley Fu for spending an hour with Staking Hub to answer all of our questions!
Thank you Gavin for co-hosting and thanks to our Staking Hub community for all of your wonderful questions.
Feel free to join our Staking Hub Telegram group if you haven’t already.